EURAUD Swing Short

[Leebax]

Being the weekend im looking at other charts for good setups. EURAUD is in a very interesting position
With the virus affecting China currently it also affects AUD massively as they are one of their biggest exporters.
Price currently sits at a very strong resistance level , this is a Weekly chart, and as you can see we have to go back over 10 years before price was higher than it is currently. i personally dont think this virus scare will last too long, so any good news for AUD will see this come back down. Especially with EUR losing GBP to brexit.
Look for signs of exhaustion in price and reversals and you could get a nice 600 pip move down to support below, stops can be fairly tight giving you a great R:R. Be careful risk management as always, no need for greed when big pips are on offer

 

[Glastonburyk]

Thanks for the analysis bro, I’m sure we will get a down swing

 

[DT77]

I like this Lee. 10 years is a long time, just hope your thoughts on the virus are correct.

 

[REB_FX]

This is definitely a set-up on my radar, stop loss though if PA is good would need to protect against the wick at 1.67900

 

[Zack King]

Being the weekend im looking at other charts for good setups. EURAUD is in a very interesting position
With the virus affecting China currently it also affects AUD massively as they are one of their biggest exporters.
Price currently sits at a very strong resistance level , this is a Weekly chart, and as you can see we have to go back over 10 years before price was higher than it is currently. i personally dont think this virus scare will last too long, so any good news for AUD will see this come back down. Especially with EUR losing GBP to brexit.
Look for signs of exhaustion in price and reversals and you could get a nice 600 pip move down to support below, stops can be fairly tight giving you a great R:R. Be careful risk management as always, no need for greed when big pips are on offer
View attachment 15327

great analysis mate. expecting a downward trend tbh

 

[Mike Shor]

Thanks for the analysis. I agree , the coronavirus is going to have quite an effect.

 

[Leebax]

Well over the weekend i looked at EURAUD for us all. i basically couldnt of put it any easier for you to sell that pair when the markets opened on sunday/monday.
As you can see its a strong resistance zone and price touched 1.66 and rejected straight away. If you followed it you would of bagged yourselff over 120+ pips in just over a day. Not a bad start to the week.
Where to next? Well i think some point in time we will hit my magic circle to the right for some multiple confluence either back up or down. its possible we could sit in this range or possibly to the demand area below. Buy low and sell high on the ranges. Basic stuff

 

[REB_FX]

Well over the weekend i looked at EURAUD for us all. i basically couldnt of put it any easier for you to sell that pair when the markets opened on sunday/monday.
As you can see its a strong resistance zone and price touched 1.66 and rejected straight away. If you followed it you would of bagged yourselff over 120+ pips in just over a day. Not a bad start to the week.
Where to next? Well i think some point in time we will hit my magic circle to the right for some multiple confluence either back up or down. its possible we could sit in this range or possibly to the demand area below. Buy low and sell high on the ranges. Basic stuff
View attachment 15340

Bread and butter trade opportunity, hope lots of you caught this one!

 

[Leebax]

Last sunday i first looked at [URL deleted] EURAUD for you all. Suggesting the short from market open. Price dropped 350 pips from Mon- Wed. If you took that trade it was easy pips.
Back looking at it again this week and we can see price has retraced 50% [URL deleted] ish of the move. Now i think we will see another push back down.
I think what happens when price is in the blue circled area will be vital to where it will go next. Its possible it could find support again and we get a bounce from that demand area. That would be an easy trade to take for some. To sell it lower wait for the break and retest below. Patience pays

 

[Leebax]

2 minutes ago
Looking back at EURAUD again. The move still continunes. If you took this from the supply zone at the top then you will be 375 pips up on this currently.
We had the pullback at 50% rest stop area and then the continuation. Broke below that level of support so i believe it should continue down now to TP of 500 pips to the long term trend.
I would take full profits at this point then look to see what is happening around that area, if it breaks below then look to get in on the retest of the broken trend for another big push down. Great R:R this trade was of 1:6

 

[REB_FX]

2 minutes ago
Looking back at EURAUD again. The move still continunes. If you took this from the supply zone at the top then you will be 375 pips up on this currently.
We had the pullback at 50% rest stop area and then the continuation. Broke below that level of support so i believe it should continue down now to TP of 500 pips to the long term trend.
I would take full profits at this point then look to see what is happening around that area, if it breaks below then look to get in on the retest of the broken trend for another big push down. Great R:R this trade was of 1:6View attachment 15418

Some lovely entry points on this trade to.

 

[Leebax]

TP has been hit on EURAUD . Since sunday before last we went for the short on this pair. Since then over the last two weeks we have made 500 pips. Pretty good off one pair dont you think.
Seeing as though its friday and we have hit the furthest projected target i would close positions on this if you followed.
now we are in this small triangle area i would wait to see which way in the big rectangle we go. Will we retest the broken support above for another drop , or break back above for another push up.
Who knows, but lets wait and see for the direction.
Have a good weekend everyone and enjoy them pips

 

[Leebax]

After taking profit on the big drop from the top with 500 pips. Its back on EURAUD this weekend to look for the next setup. As you can see pricehit that support level and has bounced right back up and hit the .618 fib. Where from here? either reject off the fib and come back to the .382 fib and support level for another push?
Or could we still see further push up for the double top M formation as drawn. Either one we can be ready to enter. Keep your eyes peeled on this one peeps. Personally id like to see it test the top resistance again, its such an easy trade to take with little risk involved. Enjoy your weekend see you all on monday

 

[DT77]

Double Top and then a drop sounds good to me.....

 

[Leebax]

Late one today sorry ive been busy. Looking at EURAUD again today as its approaching a critical zone. Were almost back up to the top from where we sold last time. But this time i dont think we will see such a big drop . In my opinion i think we will get a shorter drop of around 300 pips or so, maybe even a little less before another attack of the top zone. Look for this daily candle wick to fill and then rejection round the top to sell. Thats what i will be doing GLIYF

 

[Leebax]

Sunday reflection today. Back early last week we was looking for EURAUD to turn around in the magic bluc circle on the resistance zone . Turns out this blue circle wasnt magic and the EUR shot right through it in a MASSIVE bull move. AUD being so weak in all this world economic uncertainty was a big cause. But where from here? With china pmi data being so low on this weekends release its hard to look past AUD gaining any strength at all in the near future. Were way oversold on the daily RSI so i would expect some sort of retracement, but how big or small im not sure. The .618 fib level on 1.66 looks favorable to me. Then we could see a further push to the top of the channel possibly. All depending on the china and this virus situation. See you all tomorrow

 

[Glastonburyk]

Great call mate

 

[K_Robdog]

It has certainly pulled back from the top. I wish I had seen this post on Monday! Karl has missed an opportunity here...

 

[Leebax]

Well we have now had some retracement from the huge bull push on EURAUD . The AUD RBA cut helped that fact, but is it short lived? time will tell. Since i last looked at this pair we have dropped a couple of hundred pips or so and find ourselves sitting at the previous high high. Could this be the support shelf that will hold price up? who knows, my guess is we will see a further push down towards that .618 fib at least or possibly the previous high which we know is a strong zone which could act as good support now. Looks certain the bull is here to stay so long opportunities can be made around those areas. Trade safe, risk management as always

 

[AKFX]

Potential double top forming now on EURAUD